Tax Treaty News: May 2016
Belgium and Poland On 27 May 2016, the Belgian Council of Ministers approved the amending protocol of income and capital tax treaty with Poland that was signed on 14 April 2014 for the avoidance of double taxation and the prevention of fiscal
See MoreWorld Tax Brief: May 2016
Australia Main corporate tax rate: The government of Australia announced in the 2016–17 Budget that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Incentives for small business: The budget also Increased
See MoreOman: Corporate tax rate to be increased for liquefied natural gas and mining companies
The State Council and the Shura Council on 26 May 2016 approved the increase of the corporate tax rate on liquefied natural gas (LNG) companies to 55%. The council also approved the increase of the corporate tax rate on petrochemical and mining
See MoreDTA between Somalia and Turkey signed
An Income Tax Treaty between Somalia and Turkey has signed on 3rd June 2016 in
See MoreTransfer Pricing Brief: May 2016
Sweden: BEPS related compliance Master File information: The Swedish Tax Agency has submitted a proposal to the Swedish Government for new Transfer Pricing documentation like Master File. Under the current proposal, the Master File reporting
See MoreUnited States: ADD/CVD Roundup for May 2016
Following table shows the Federal Register notices related to ADD/CVD cases for May 2016 in United States. Country Product Investigations Case Number Details Austria Certain Carbon and Alloy Steel Cut-To-Length Plate Initiation of
See MoreGermany: Ministry of Finance introducing CbCR, Master File and Local File
The German Ministry of Finance published a draft bill on 1 June 2016 to incorporate guidance on transfer pricing documentation and country-by-country (CbC) reporting into local legislation. The draft bill required multinationals with consolidated
See MoreIMF comments on the economic position of Sri Lanka
The IMF has issued a press release following approval of a three year USD 1.5 billion extended arrangement under the Extended Fund Facility (EFF) with Sri Lanka to support the economic reform agenda. The IMF has also concluded consultations with Sri
See MoreWTO: Trade policy review of United Arab Emirates
The World Trade Organization (WTO) conducted a review of the trade practices of the United Arab Emirates (UAE) on 1 and 3 June 2016. The review was conducted on the basis of a report prepared by the WTO secretariat. Real GDP growth in the UAE
See MoreWTO: Trade Dialogue with business leaders
The World Trade Organization (WTO) Trade Dialogues event held on 30 May 2016 gave business leaders an opportunity to discuss the challenges they face and the role of the WTO in helping to overcome the problems. The business representatives noted
See MoreOECD releases request for input on multilateral instrument to implement tax treaty related BEPS measures
On 31 May 2016 the OECD released a request for input inviting comments from interested parties on the multilateral instrument to implement the tax treaty related measures in the OECD/G20 action plan on base erosion and profit shifting (BEPS). Input
See MoreIMF report comments on the economic position of Senegal
On 26 May 2016 the IMF issued a report following the completion of the second review of Senegal’s economic performance under a program supported by the Policy Support Instrument (PSI). Senegal’s economic growth increased from 4.3% in 2014 to
See MoreWorld Bank approves funds for Indonesian fiscal policy reform
On 31 May 2016 the World Bank announced the first Indonesia Fiscal Reform Development Policy Loan to strengthen revenue collection and improve the quality of spending. The financing amounting to USD 400 million is to be used to support policy and
See MoreGreece: Withholding tax on dividends and taxation of dividend income
The Public Revenue Authority has published Circular POL 1068 on 2nd June 2016 for providing clarifications on the increased 15% withholding tax rate and the taxation of dividend income earned. The Circular settles the provisions of Law 4389/2016
See MoreCzech Republic: Changes to real estate acquisition tax has approved
The lower chamber of the parliament has approved a bill in the third reading on 1st June 2016 regarding the changes to the Senate Legislative Measure on Real Estate Acquisition Tax. Particularly the Bill gives that the taxpayer of the real estate
See MoreDecision on EU financial transaction tax must come in June 2016
Austrian finance minister Schelling is reported by Reuters as having set a deadline of June 2016 for agreement on the proposal to introduce a financial transaction tax by 10 EU Member States. Other states are reported to have indicated reservations
See MoreVanuatu: Abuse of duty free system
The Customs and Inland Revenue Department (DCIR) has published a statement on 26th May 2016 on its website announcing that there has been a number of abuses involving cruise ship passengers who purchase duty free goods to give in exchange for taxi
See MoreEU Council issues state of play note on financial transaction tax proposal
The general secretariat to the Council of the EU issued a note on June 3, 2016 setting out the state of play with regard to the proposal to introduce a financial transaction tax by 10 EU Member States. The note discusses possible outcomes of ongoing
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